Gold futures rise, trade above $405

SAN FRANCISCO (CBS.MW) -- Gold futures prices headed higher, with a fall in U.S. retail sales pressuring the dollar and luring investors back to the precious metal. Weaker U.S. retail sales is "just another in a series of economic statistics of late that suggest the economy is not a ball of fire and in fact, may be weakening yet again," said Peter Grandich, editor of The Grandich Letter, a investment publication. August gold is up $4 at $406.30 an ounce on the New York Mercantile Exchange. Silver, copper, platinum, and palladium are all higher as well. And key indexes for metals mining companies are on the rise after a two-session decline. The Amex Gold Bugs Index
HUI, +1.15%
is up 1.3 percent.

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